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Definition of 'Discretionary Order'
An order giving a broker the ability to decide when to buy/sell securities at the best possible price for the customer. Some discretionary orders place restrictive terms to limit the amount of discretion the broker has.
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Investopedia explains 'Discretionary Order'
When placing a discretion order, the investor is giving limited discretion to the broker and allowing for the timing of buying/selling to be decided by the trader.
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